KUALA LUMPUR: Datuk Seri Farhash Wafa Salvador has resigned as chairman of MMAG Holdings Bhd, less than a year after emerging as the company's largest shareholder.
Farhash, formerly a political aide to Prime Minister Anwar Ibrahim, has exited the company entirely, after disposing of all his shares in MMAG, according to filings with Bursa Malaysia.
In a filing, MMAG said Farhash resigned as non-independent non-executive chairman with effect from Jan 2, citing personal commitments. The company said there were no disagreements with the board and no matters that required shareholders' attention.
A separate filing showed that Farhash had ceased to be a substantial shareholder after disposing of 462 million shares via direct business transactions on Dec 31, 2025.
A change in director's interest filing confirmed that his direct interest in MMAG is now nil following the disposal.
The director's interest filing indicated a consideration of 18.9 sen per share for the disposal, though the identity of the buyer was not disclosed.
Farhash emerged as MMAG's largest shareholder in March last year after acquiring 462 million shares, representing a 20 per cent stake, through off-market transactions at 40 sen per share, before being appointed chairman.
At the time, MMAG shares were trading in the 60 to 70 sen range, valuing the group at more than RM1.5 billion.
MMAG's share price has since fallen sharply. The counter closed at seven sen today, after trading between seven and 7.5 sen throughout the session, with 16.64 million shares traded.
At that price, the company is valued at about RM162.48 million. MMAG has yet to announce a replacement chairman. - NST
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